The Nova story is an urban legend (actually more of a poorly researched business book anecdote). The car actually didn't do that bad in Latin America. Believe it or not, Spanish speakers are easily able to distinguish "no va" and "Nova", just like you and I are able to distinguish "novice" and "no vice." Pemex even sells gasoline under the brand "Nova" to this day.

http://www.snopes.com/business/misxlate/nova.asp

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